Synchrony Financial is ending its two-decade credit card partnership with the retailer Gap Inc.
According to a Bloomberg report, Stamford-based Synchrony announced its decision in a regulatory filing, stating that it was “unable to reach contractual and economic terms with Gap that made sense for our company and our shareholders.”
The partnership will officially terminate in April 2022 and Gap will move its credit card business to Barclays Plc beginning in May 2022.
The Gap portfolio represents approximately 5% of Synchrony”™s roughly $80 billion in receivables. Barclays will debut its first private label card with Gap and also issue cobranded credit cards for Gap using the Mastercard payment network.
